Fair Value Measurements |
Note 4: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There have been no transfers between fair value measurement levels during fiscal years 2018, 2017 and 2016. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 28, 2018 (in thousands): | | Fair Value Measurements at Reporting Date Using | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market securities (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income available for sale securities (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income trading securities held in deferred compensation plan (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity trading securities held in deferred compensation plan (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deferred compensation plan (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Included in cash and cash equivalents on the Company’s consolidated balance sheet. |
| | Included in short-term investments on the Company’s consolidated balance sheet. |
| | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
| | Included in accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. |
The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2017 (in thousands): | Fair Value Measurements at Reporting Date Using | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market securities (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income available for sale securities (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income trading securities held in deferred compensation plan (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity trading securities held in deferred compensation plan (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deferred compensation plan (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Included in cash and cash equivalents on the Company’s consolidated balance sheet. |
| | Included in short-term investments on the Company’s consolidated balance sheet. |
| | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
| | Included in accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. |
Fixed income available-for-sale securities as of December 28, 2018 and December 29, 2017 represent primarily obligations of the United States Treasury and other United States agencies. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 11 for additional information about the Company’s deferred compensation plan. The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on remaining effective maturities as of December 28, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Due between one and two years | | | | | | | | | | | | | | | | | |
At December 28, 2018 and December 29, 2017, the Company did not have any assets or liabilities valued using significant unobservable inputs. The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at December 28, 2018, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at December 28, 2018 approximates their carrying value as reported on the consolidated balance sheet. There were no other-than-temporary impairments or credit losses related to available-for-sale securities during fiscal years 2018, 2017 and 2016.
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